Outsourcing Tax Return Preparation for CPA Firms, EAs & Tax Attorneys

According to data, firms who are using XCM® Solutions are in a comparable place to last year’s 9/15 deadline, despite the impacts of COVID-19. But those who also utilize Xpitax Tax Outsourcing are over interest-only retirement 9% ahead of the national pace. On November 5, 2021, the process of acquisition by EBS of the Rearden Group business process automation was completed, after which the company became part of EBS.

  • A reputable income tax outsourcing service will have clear and transparent documentation about their security protocols.
  • Data security is a critical aspect that goes into the decision-making process while shortlisting an outsourced service provider.
  • Whether accounting is outsourced or handled in-house, in-practice accountants are still liable for data confidentiality and protection.
  • Firms that provide additional services like retirement and financial planning have always collected 7216 signatures.

An experienced financial services company will have the expertise to deal with all types of tax reporting for small businesses. You can be confident of secured work delivery, and use of updated tax software’s, when you outsource to an experienced company. Many accounting firms believe they might get into trouble if they outsource their tax preparation.

Before the tax season, ​we will ​discuss regarding ​ our observations, industry or market viewpoints and let you know how to move forward with the current and futuristic tax arrangements smoothly. By using our services, you will ultimately improve processes and procedures, without much efforts. This will assist you in having improved relations with creditors and also avoiding penalties due to late or non-payment.

Tax Returns Preparation Outsourcing

Thus, we lift your profit margins to the peak and reduces additional expenses. Receive the tax expertise and capacity needed to support in-house staff during peak season compression by outsourcing high-volume transactional work to our tax preparers. We can also help you file for personal tax returns for business owners in a sole proprietorship or other individuals. It is important to be aware of the self-employment tax return for small business owners when filing for this tax.

We will start by using the relevant forms depending on the type of corporation. We will calculate all your expenses, dividends, profits and losses over the period and deduct part of the expenses such as depreciation, cost of goods sold and other office and property expenses. Here it is also important to consider other relevant expenses such as social security and medical related expenses.

Why Outsource Accounting UK?

You can track the status of each outsourced return as SurePrep prepares it. With the time saved by eliminating preparation, you can concentrate on providing other value-added services to your clients. Outsourcing even a portion of your workload can help make peak season more manageable. Our staff uses the same tax software as your firm, so you can review it as if your own staff prepared the return. EBS experts have in-depth knowledge in the areas of business management and accounting, therefore they provide quality services for clients.

Why outsource tax preparation to SurePrep?

Measuring the benefits and progress and assessing the risks of your firm’s outsourcing model can help you take corrective steps at the right time if staffing expectations aren’t being met. You need to set up the project budget & payment terms and decide if you’re paying the outsourced service provider based on time worked or per-project basis. It is vital to define deliverables before commencing the project, and you also need to budget for different business scenarios.

Resolve staffing woes, reduce costs and improve your margins by partnering with our pioneer tax outsourcing company. QXAS has been in the tax outsourcing business for several years and has kept in step with changing tax legislation. We also adhere to stringent SLAs and high-quality standards when it comes to data security. Let’s look at the top 5 traits of a reputed and trustworthy outsourced tax preparation service provider. A clear benefit of outsourcing tax preparation is that it makes data collection easier.

The best outsourcing providers prioritize staying on top of the always-changing legislation and tax law. The offshore team can do this easily, given that they have a designated team of tax preparers and experts who read up on the law and legislation. The point is that your outsourced service provider will have the capacity, skillset, and experience to handle your firm’s tax prep while being well-versed in legislation and tax laws. The first step is to ask yourself why you need to outsource and what you seek to achieve via outsourcing. Every year, CPAs and accounting firms receive hundreds of tax returns to be prepared and filed before it is due.

It’s important to confirm with the service provider if they can handle multiple state tax returns specifically, as some outsourced service providers may only specialize in federal or state returns. That said, there are also some pretty concerning challenges related to outsourcing accounting and bookkeeping services. The very same quick turnaround speed that makes outsourcing attractive also makes it liable to security concerns.

Suppose you haven’t introduced yourself to tax preparation outsourcing before the upcoming tax season. In that case, you might miss out and take up extra work that you don’t need anymore. SurePrep offers a unique partial outsourcing option called 1040SCANverify.

Infinity Globus is a leading global accounting company providing Finance and Accounting (F&A) Outsourcing services to accounting firms based in the UK, USA, Canada and Australia. Enabling tax preparers, CPAs and enrolled agents to seamlessly manage large volumes of tax preparation and compliance workload. Connect firms, clients, and staff with accounting workflow software while creating efficiencies that accelerate growth, support strategic decision-making, provide additional capacity and increase visibility.

Financial management

Not all accounting firms have the capacity or skill set to handle the mountains of tasks coming their way during the year’s busiest period. Outsourcing such key functions help CPA firms get more time to focus on core business functions. Given the complexity and tediousness of tax preparation tasks, outsourcing is the best option. It’s a common misconception that all tax outsourcing services are performed outside the United States and that firms only outsource for the offshore cost benefits. The reality is that some 1040 outsourcing services are performed onshore, others are offshore, and some vendors offer both options. The main goal of tax preparation outsourcing is to get the work done on time without compromising on quality.

Full outsourced tax return preparation services

Tax preparation services are the most sought-after outsourcing services amongst CPA firms in the USA. Outsourced tax preparation services have numerous advantages, including cost savings, security, faster turnaround times, and state-of-the-art infrastructure. Yet, some misconceptions about tax outsourcing services prevent accounting firms from reaping such benefits. SurePrep was founded as a tax preparation outsourcing service provider in 2002. In subsequent years, we branched into tax automation technology and became a leader in the space.

After which, they convey the returns back to you, by the transmission process you select. A business that clearly defines its outsourcing goals is already ahead of the game. Accounting firms should outline their outsourcing objectives step-by-step to zero in on a suitable staff model. Defining clear outsourcing goals is also an opportunity to take stock of your firm’s actual outsourcing requirements. With us, busy tax seasons are a breeze as we seamlessly manage the background work, allowing you to channel your energy into fostering business growth. Various parameters are used to identify the cost of a project, like the volume of work, etc.

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